Symyx hurt by JP Morgan downgrade

MichaelBaron

Symyx Technologies
smmx
is down $1.48, or 11.2 percent, to $11.71, after JP Morgan Chase lowered its rating on the stock to "market performer" from "buy," saying that the shares have surpassed its near-term price target of $12. The firm considers the stock "fairly valued" at this level with a multiple in excess of 80 times its current year earnings per share and an "enterprise value to sales multiple" of five times.

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